EUR/CAD broke support zone

EUR/CAD broke support zone

  • EUR/CAD broke support zone
  • Next sell target - 1.4000

EUR/CAD continues to fall after the earlier breakout of the support zone lying between the key support level 1.4160 (which stopped previous minor impulse wave (i) in March) and the 50% Fibonacci correction of the sharp upward B-wave from the middle of February. The breakout of this support zone accelerated the active impulse waves (iii) and C.

The active minor C-wave belongs to the intermediate ABC correction from the start of November. EUR/CAD is expected to fall further toward the next sell target at the round support level 1.4000.



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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